Singapore-based private equity firm Triple P Capital has announced the 100 per cent acquisition of Contemi Group, an insurance IT solutions provider which mostly operates in Asia and Scandinavia, according to a release.
No financial details were disclosed.
“The most successful insurers today are consistently expanding their investments in IT, particularly around middle and front-end solutions and customized developments,” said Triple P Capital partner Allan Pedersen.
“These increased investments are vital for insurers to be able to take advantage of all the exciting new business, partnership and efficiency opportunities, new technology and changing customer habits are enabling. We found that Contemi has outstanding solutions and services for participating in this growth market for both Europe and Asia.”
Contemi was founded in Norway and the UK in 2001 and its clientele includes Trygg-Hansa, RSA, Codan, Vardia, WaterCircles, Gjensidige, Gabler and Singapore Life. Triple P Capital said it was also attracted by the startup’s strong presence in Asia, especially in the region’s emerging markets such as Vietnam.
Contemi expanded to Vietnam in 2011 where it today employs a team of 60 developers.
Singapore-based Triple P Capital was founded in 2014 by former AIG and Chandler Corporation executive Alexander Krefft, TPG and Samsung alum Allan Pedersen and former LeapFrog and AIG executive David Steel. It claims to be the first focused impact private equity fund dedicated to Southeast Asia.
Co-founder and partner David Steel previously told DEALSTREETASIA that it is on track to secure a final close for its $120-million Southeast Asia financial inclusion fund in early-2019.